2 Longitudinal Evidence for a Midlife Nadir in Human Well-being: Results from Four Data Sets Terence C. Cheng MIAESR, University of Melbourne Nattavudh Powdthavee MIAESR, University of Melbourne, CEP, London School of Economics and IZA Andrew J. Oswald University of Warwick, CAGE and IZA Discussion Paper No February 2014 IZA P.O. Box Bonn Germany Phone: Fax: Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

3 IZA Discussion Paper No February 2014 ABSTRACT Longitudinal Evidence for a Midlife Nadir in Human Well-being: Results from Four Data Sets There is a large amount of cross-sectional evidence for a midlife low in the life cycle of human happiness and well-being (a U shape ). Yet no genuinely longitudinal inquiry has uncovered evidence for a U-shaped pattern. Thus some researchers believe the U is a statistical artefact. We re-examine this fundamental cross-disciplinary question. We suggest a new test. Drawing on four data sets, and only within-person changes in well-being, we document powerful support for a U-shape in unadjusted longitudinal data without the need for regression equations. The paper s methodological contribution is to exploit the first-derivative properties of a well-being equation. JEL Classification: I31, D01, C18 Keywords: life-cycle happiness, subjective well-being, longitudinal study, U shape Corresponding author: Terence C. Cheng Melbourne Institute of Applied Economic and Social Research University of Melbourne 111 Barry Street FBE Building Melbourne, Victoria 3000 Australia

4 Statistical offices [worldwide] should incorporate questions to capture people s life evaluations, hedonic experiences and priorities. Executive Summary of the Stiglitz-Sen-Fitoussi Commission Report on the Measurement of Social and Economic Progress, is highest among younger and older adults, and dips in middle age. UK Office of National Statistics, Measuring National Well-being, May 2013 "Happiness is greatest at midlife." Easterlin (2006) 1. Introduction Human longevity is rising in many nations and there is growing interest in the measurement of well-being in modern society. In what is currently a fast-expanding field at the border between economics and psychology (Easterlin, 2003; Booth and van Ours 2008; Graham 2010; Oswald & Wu, 2010; Boyce & Wood, 2011; Carstensen et al., 2011; Benjamin, Heffetz, Kimball, & Rees-Jones, 2012; Diener, 2013), the issue of how people s happiness and psychological well-being alter over the lifespan is likely to become of increasing scientific interest. This paper studies the lives of tens of thousands of randomly sampled individuals over some decades and for a number of nations. We provide what appears to be the first longitudinal (fixed effects) multi-country evidence that there are scientific grounds to believe in a human nadir or midlife 'crisis'. A large modern literature by economists and behavioural scientists has documented crosssectional evidence for an approximately U-shaped path of happiness and well-being over the majority 1 of the human lifespan (Warr, 1992; Clark & Oswald, 1994; Clark, Oswald, & Warr, 1996; Frey & Stutzer, 2002; Blanchflower & Oswald, 2008; Booth & van Ours, 2008; Stone, Schwartz, Broderick, & Deaton, 2010; Baird et al. 2010; Lang, Llewellyn, Hubbard, Langa, & Melzer, 2011). An equivalent quadratic life-cycle pattern has recently been reproduced in research on samples of great apes (Weiss, King, Inoue-Murayam, Matsuzama, & Oswald, 2012). Most recently, Schwandt (2013) has linked the possible idea of a U-shape to unmet 3

5 economic aspirations. This modern research avenue could be viewed as some of the first scientific support for the informal notion -- generally attributed to the late Elliott Jaques -- of a midlife crisis (Jaques, 1965). For a sceptical review of the concept, see Freund and Ritter (2009). The new literature s findings are in principle relevant to researchers across many fields within the social sciences, medical sciences, and the natural sciences. There are three problems with the published literature. First, Problem 1 is that all attempts to replicate the pattern in genuinely longitudinal data have been a failure. Prominent among these are two recent studies where no U shape was found (Frijters & Beatton, 2012; Kassenboehmer & Haisken-DeNew, 2012). Ulloa et al. (2013) is similarly sceptical. One partial exception is the work of Van Landeghem (2012), who finds evidence consistent with a convex pattern of well-being through the lifetime, but, as he explains, his study is not able to establish a turning point or the existence of a U shape itself. Second, Problem 2 is that a number of researchers have argued that the issue of interest is whether in raw unadjusted data, and without regression equations, there is evidence of U- shaped well-being through life. This is the objection, for example, of Easterlin (2006) and Glenn (2009) 2, where they argue that it is inappropriate to use regression equation methods to control for other variables, and their arguments deserve consideration, even though it is a matter of judgment whether it is the raw or adjusted U shape that is of greater scientific interest. Both, in principle, are of importance. Third, Problem 3 is that some prominent researchers argue for the reverse of a U shape, namely, that well-being is actually greatest in midlife. See, for example, Easterlin (2006) and Sutin et al. (2013). See also the important early paper of Mroczek and Kolarz (1998). 4

6 For these reasons, a large multidisciplinary literature currently stands at an impasse. The possibility remains that the U shape is a sheer statistical illusion caused by reliance on crosssectional data. As de Ree and Alessie (2011) make clear, this is a difficult issue -- arguably even an impossible issue -- to resolve unambiguously in a regression-equation framework, because it is intrinsically hard to estimate models in which the investigator wishes to control for cohort effects, year effects, and person fixed-effects. 2. A New Approach We take a different approach. Our work rests partly upon the ideas of Van Landeghem (2012). We build on the simple mathematical fact that the derivative of a quadratic function is linear. This means that it is possible to test in a different way for the existence of a U shape in human well-being. We illustrate the elementary conceptual idea in Figure 1. The top diagram shows a U shape in life satisfaction, while the bottom diagram shows its derivative, that is, the change-in-life satisfaction. By elementary calculus, a U shape is equivalent to a linear gradient in the rate-of-change equation. The former is found by integrating back from the latter. It is therefore possible to test for evidence of a U shape in life satisfaction by estimating equations for the change in life satisfaction, as a linear function of a person s age, and then examining whether the following hypotheses hold: (i) the best-fitting line in a change-in-life-satisfaction equation has a positive gradient with respect to age (which, consistent with a U shape in the level of wellbeing, would establish convexity of life satisfaction across the age range); (ii) the best-fitting line in a change-in-life-satisfaction equation begins, at low ages, in the negative quadrant (which would establish that among younger adults the level of life satisfaction is dropping); 5

7 (iii) the best-fitting line in a change-in-life-satisfaction equation cuts the horizontal axis in a person s mid-40s (which would establish that the turning point A 0 in Figure 1 of the life-satisfaction curve is reached in midlife, and, in conjunction with (i) and (ii) above, that after that point the level of life satisfaction grows with age). Together these three results would, if all of them held in the data, establish the empirical existence of U-shaped well-being. They would, as explained, allow the investigator to integrate back, from the rate-of-change equation, to the underlying well-being equation. In testing (iii), it is necessary, in principle, to adjust for any underlying annual changes in wellbeing in the economy and society. Otherwise, the ageing effect might become contaminated by a year effect. It turns out in later analysis, however, that it makes little difference whether an adjustment is made. This kind of test uses information on within-person changes. In our equation, the change in well-being takes the form of Ms Smith s life satisfaction at age A minus Ms Smith s life satisfaction at age A-1. Such a feature is important. It implies that any results consistent with U-shaped well-being through the life cycle then cannot be attributed to cross-sectional variation between one individual and another. They must stem instead from variation through time in the quality of the lives of the individuals being re-interviewed. 3. Materials and Methods Data. We used four different datasets covering three countries on individuals up to 70 years of age. Three of the datasets are nationally representative household surveys, namely the British Household Panel Survey (BHPS, ), the Household Income and Labour Dynamics in Australia (HILDA, ), and the German Socio-Economic Panel (GSOEP, ). The fourth dataset comprises a relatively more homogenous sample of 6

8 medical doctors from the Medicine in Australia Balancing Employment and Life (MABEL) longitudinal study. The average (standard deviation) age of subjects in these datasets is 40.9 years (15.0) for the BHPS, 39.4 years (14.8) for HILDA, 40.5 years (14.5) for GSOEP. The average age in the MABEL sample is slightly higher at 45.4 years (11.7). Measure. Well-being is measured using a conventional life satisfaction questionnaire, which asked all adult individuals in the four data sets: How satisfied are you with your life overall? The responses were based on a seven-point scale in the BHPS (1 = very dissatisfied,, 7 = very satisfied ), and eleven-point scale in the HILDA, GSOEP, and MABEL (0 = very dissatisfied,, 10 = very satisfied ). The life satisfaction question was asked in every survey wave in the HILDA, GSOEP, and MABEL, whilst it was asked for the first time in Wave 7 of the BHPS, with one year omission in Wave 11. In the eyes of some researchers, particularly those from a psychology background, the single-item nature of our analysis is not necessarily ideal. However, we use large data sets, follow in an earlier tradition of such studies, and use comparisons across a number of data sets as a check on the reliability of results. 4. Results Cross-sectional Evidence. Figure 2 provides cross-sectional evidence for a U-shaped relationship between life satisfaction and age. The figure is divided into four quadrants one for each of our four data sets. Figure 2a is for a random sample of the British population; Figure 2b is the equivalent for Germany; Figure 2c is the equivalent for Australia. Figure 2d is slightly different in its data source. This figure uses a sample from a single occupation, namely, medical doctors in Australia, which means that the individuals within it are intrinsically more alike than in the other three data sets. Each dot in Figure 2 represents the mean life satisfaction of individuals in the sample of a specific age. The estimate of U- shaped life satisfaction is shown by the fitted quadratic function. The curves minima were 7

9 reached here at, respectively, ages 43.3 (BHPS), 43.1 (HILDA), 53 (GSEOP), and 40.6 (MABEL), while multiple regression analyses with overall life satisfaction as the outcome variable indicated that linear and quadratic age effects were negative and positive, respectively (Table 1). We view these findings as reasonably conventional. Hence we do not dwell on them further but turn instead to a new test that uses within-person changes. Longitudinal Evidence. Figure 3 presents the study s key result. Longitudinal evidence for U-shaped well-being across the life-cycle is, in effect, demonstrated by the figure. This emerges in the form of upward-sloping lines, indicating a positive relationship between the change in life satisfaction and age, in each of the four data sets. Figure 3 depicts on the y axis the yearly changes in life satisfaction of individuals from the BHPS, GSOEP, HILDA, and MABEL. The variable on the horizontal axis is people s age in years. Within Figure 3, each dot has a simple interpretation. It is the mean change in life satisfaction of all the people in the sample who are that specific age. For example, in the topright quadrant, which is denoted Figure 3b for Germany using the GSOEP, the lowest point in the south-west corner of the graph is for Germans, aged 18. It can be seen from the graph that their mean life-satisfaction declines that year, namely as they move from 18 to 19, by approximately points. These results provide evidence for the three earlier hypotheses (i)-(iii) and are thus consistent with U-shaped well-being through people s lives. The reason is that in each of the four data sets (one for Great Britain, one for Germany, and two for Australia), the best-fitting line in Figure 3 begins in the negative quadrant and cuts the horizontal axis from below in people s 40s. The change-in-life-satisfaction function crosses the zero x-axis at ages 42.3 in the 8

10 BHPS, 40.1 in the HILDA, 41.4 in the GSOEP, and 46.9 in the MABEL. By implication, these are the ages at which well-being reaches a minimum. It might be thought, although incorrectly, from the figures that the effect of ageing is minor. Because the y-axis in these graphs gives the annual rate of change, a number of, say, to is of consequence. Over a single decade, that would be a decline of 0.1 to 0.2 life satisfaction points, so that over a quarter century -- say from approximately age 20 to approximately age that would be a decline in life satisfaction of a quarter to half of one life-satisfaction point. In size that would become comparable, from a typical regression equation, to a substantial percentage of the effect on well-being of major events such as divorce or unemployment. Finally, should other independent variables be included? Researchers like Richard Easterlin and the late Norval Glenn think not. In this paper, we have respected that attitude. It is perhaps worth mentioning that if we do include levels of other variables then these longitudinal patterns continue to be robust even after controlling for different socio-economic statuses, including gender, income, employment status, marital status, health, and levels of education, as well as the length of time the individual has been in the panel i.e. panel conditioning (see the tables in the Appendix). We are also able to show that the broad results are unaffected by dropping the less satisfied individuals over time. However, we have purposely not estimated, or reported, panel regression equations of the kind employed in some of the recent studies. Our aim in this paper has been a different one. 5. Conclusion This paper has suggested a new longitudinal test for the existence of U-shaped well-being over the bulk of the human lifespan. The intellectual issue is of fundamental importance to a range of social and behavioural scientists. 9

11 Using our simple first-derivative method, we have documented strong multi-country evidence for such a U shape. Thus recent claims that the U is an artefact -- one caused by influences such as omitted cohort effects -- appear to be incorrect. 3 Our method, it should be made clear, deliberately examines unadjusted data and is not subject to the famous age-periodcohort problem. We have also deliberately not addressed the issue of how high well-being is at very high ages (we would not wish to claim that well-being rises into people s 80s and 90s). A result of this general sort has been reported before in cross-sectional data. By its nature, however, persuasive conclusions about the consequences of human ageing ultimately need longitudinal, rather than cross-sectional, evidence. 4 We have attempted to provide the first clear evidence. 10

12 Authorship All authors contributed to the study design, data analysis, and the drafting of the paper. All authors approved the final version of the paper for submission. Acknowledgements We thank Laura Carstensen, Paul Frijters, Frieder Lang, Richard Layard, Richard Lucas, Daniel Mroczek, Hannes Schwandt, and Bert Van Landeghem for their many useful comments. We are grateful to the Economic and Social Research Council for its funding of the CAGE Centre at Warwick University. This research was also supported by the UK Department for Work and Pensions, the U.S. National Institute of Aging (Grant No R01AG040640) and private donation. T.C., N.P. and A.J.O. designed the study, conducted the analyses, and wrote the paper. The German Socio-Economic Panel Data (GSOEP) is used with the permission of the German Institute for Economic Research (DIW Berlin). The British Household Panel Survey (BHPS) data used in this paper were made available through the UK Data Archive. The data were originally collected by the ESRC Longitudinal Studies Centre (ULSC), together with the Institute for Social and Economic Research (ISER) at the University of Essex. The HILDA Project was initiated and is funded by the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) and is managed by the Melbourne Institute of Applied Economic and Social Research (Melbourne Institute). The MABEL longitudinal survey of doctors is conducted by the University of Melbourne and Monash University (the MABEL research team). MABEL is funded by the National Health and Medical Research Council and the Department of Health and Ageing. The MABEL research team bears no responsibility for how the data have been analyzed, used or summarized in this research. 11

13 Notes 1. It is known from prior research that -- consistent with common sense -- in the last few years of life, as illness occurs, the level of happiness appears to drop off (Blanchflower & Oswald, 2008; Wunder et al. 2013), so over the entire lifespan a more complicated polynomial than a quadratic would be required. Our focus is midlife. 2. Specific emotions, such as anger, are not U-shaped or inverted U-shaped over the lifespan (Stone, Schwartz, Broderick, & Deaton, 2010). Here, we refer to overall well-being measures. 3. We do not doubt, and cannot truly adjudicate on the implications of, the finding of Richard Easterlin that in pooled GSS cross-sections the citizens of the United States were, in his data, happiest in midlife. However, column 1 of Table A3 of Oswald and Wu (2011) finds that in modern BRFSS data for the United States the age band of lowest life satisfaction is years old. This is for a random sample of more than one million people using a regression with only age dummies; correcting for other covariates, as in the authors column 2 of Table A3, strengthen the evidence for belief in a U shape in today s United Sates. 4. Mention should also be made of two short unpublished papers, Clark and Oswald (2006) and Clark (2007), which attempt to argue using BHPS that the U shape is genuine even in longitudinal data. They are downloadable from Andrew Clark s PSE website. 12

18 Figure 1: A Non-Technical Illustration of the Equivalence Between a U-Shape in Life Satisfaction and a Positive Gradient in a Change-in-Life-Satisfaction Function Starting from low ages, life satisfaction (Figure 1a) decreases, reaches a minimum at age A 0, and after that increases with age. The change in life satisfaction line (Figure 1b) cuts the horizontal axis (implying zero change) from below at age A 0 where life satisfaction reaches a minimum. The change in life satisfaction line has a linear and positive gradient with respect to age, corresponding to a U-shaped pattern of life satisfaction over the life cycle. Life satisfaction (a) Age Change in life satisfaction A 0 (b) Age 17

19 Figure 2 Traditional Cross-sectional Evidence: A U-Shape in Life Satisfaction with Age Each dot measures the mean life-satisfaction of individuals of that particular age Figure 2a: BHPS Data for Great Britain Figure 2b: GSOEP Data for Germany Figure 2c: HILDA Data for Australia Figure 2d: MABEL Data for Australia 18

20 Figure 3 New Longitudinal Evidence: The Gradient of the Change in Life Satisfaction by Age Each dot measures the mean change in life-satisfaction of individuals of that particular age. The gradients of the first three best-fitting lines are individually significantly different from zero, using a two-tailed t test, at the 99% confidence level. The fourth, for MABEL, is significantly different from zero at the 90% confidence level. Figure 3a: BHPS data for Great Britain Figure 3b: GSOEP data for Germany Figure 3c: HILDA data for Australia Figure 3d: MABEL data for Australia Note. In each case, the change in life satisfaction passes through zero (on the y-axis) when people are in midlife (on the x-axis). This is consistent with, and exactly corresponds to, U-shaped life satisfaction across the ages of individuals in the random population samples. 19

21 Appendix: Notes on accounting for control variables and panel attrition Although it is not possible to solve the underlying age-period-cohort issue, and our contribution should be seen as an analysis of unadjusted data, for completeness we report some further checks. It is possible to further investigate the U-shape pattern in life satisfaction over the life cycle by regressing within-person change in overall life satisfaction on age of the respondent as follows: LS it LSit 1 = LSit 0 1 it it it t it ' = β + β A + θpc + X γ + λt + ε, where i and t index individual and time; LSit is overall life satisfaction; Ait is individual s age; PC it represents panel conditions or the length of time the individual is present in the panel at time t; ' X it is a vector of standard socio-economic variables such as gender, income, employment status, marital status, health, and levels of education (given the homogenous sample in terms of qualifications and employment status of the MABEL sample, the control variables were gender, income, relationship status, and health); T t is time trend; and ε it is the error term. To test successfully whether life satisfaction is U-shaped through life, the following requirements must be satisfied: that (i) the slope coefficient on age is positive and statistically significant ( β 1 > 0 ); (ii) the function itself is linear; and (iii) the function cuts the zero x-axis in middle age, holding other things constant ( β 0 < 0 and A 40 when LS = 0) it it. Our hypotheses were that, for a robust longitudinal evidence of a perfect U-shaped well-being through life, the year-to-year change in life satisfaction function is linear and will start off in the negatives when the person is young before becoming less negative as he or she goes 20

22 through life. It then crosses zero x-axis when the person is middle aged (around 40 years old) where the function then becomes constantly more positive with age. The analyses were run using ordinary least squares models that allowed for clustering at the individual level in order to account for the repeated observations of the same individuals in the longitudinal sample. Graphically, similar ages at the crossing points are obtained if standard socio-economic variables, such as gender, income, employment status, marital status, health, and levels of education, are included in the regression equation as additional controls. This is illustrated in Figure A1, where the function now cuts the horizontal axis at the following ages: 42.5 in the BHPS data, 40.1 in the HILDA data, 41.4 in the GSOEP data, and 47.9 in the MABEL data. It should perhaps be mentioned that the existence of this midlife nadir is not because of the presence of young children in the household. Adjusting for the number, and the ages, of any dependent offspring leaves the pattern unchanged. The regressions equations are reported in Table A1. In Panel A, the dependent variable is the change in life satisfaction and the independent variable is age, and no other controls are included in the equations. Sample sizes vary across the columns from approximately 185,000 observations to approximately 14,000 observations. In the BHPS, HILDA, and GSOEP data sets, the coefficient on age is positive and is statistically significantly different from zero at the level. In the MABEL data, the coefficient is positive but not quite significantly different from zero at the 0.05 level. As an experimental check, we estimated the equation variants described in Panel B and Panel C of Table 1. In Panel B, controls are included for how long an individual has been in the panel (to guard against the possibility that someone who has been interviewed over many 21

DISCUSSION PAPER SERIES IZA DP No. 9416 Is Economics a Good Major for Future Lawyers? Evidence from Earnings Data John V. Winters October 2015 Forschungsinstitut zur Zukunft der Arbeit Institute for the

DISCUSSION PAPER SERIES IZA DP No. 2656 Why More West than East German Firms Export Joachim Wagner March 2007 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Why More West than

Updated March 2001 What Has Been Happening to Job Satisfaction in Britain? Andrew Oswald Professor of Economics Warwick University and Jonathan Gardner Research Fellow Warwick University Email: andrew.oswald@warwick.ac.uk

Mobility over several periods for discrete variables: Theory and application to subjective wellbeing indicators in the United Kingdom Sanghamitra BANDYOPADHYAY Gaston YALONETZKY 13th June 2013 Abstract

Running Head: MONEY, WELL-BEING, AND LOSS AVERSION 1 Money, Well-Being, and Loss Aversion: Does an Income Loss Have a Greater Effect on Well-Being than an Equivalent Income Gain? Christopher J. Boyce Behavioural

4. Work and retirement James Banks Institute for Fiscal Studies and University College London María Casanova Institute for Fiscal Studies and University College London Amongst other things, the analysis

A Note on a Possible Link Between Fruit and Vegetable Consumption and Reduced Risk of Depression July 2016 Unpublished manuscript Redzo Mujcic a and Andrew J. Oswald b* a Faculty of Health and Behavioural

The Journal of Socio-Economics 35 (2006) 326 347 Does marriage make people happy, or do happy people get married? Alois Stutzer,1, Bruno S. Frey 1 University of Zurich, Switzerland Received 4 June 2003;

The relationship between mental wellbeing and financial management among older people An analysis using the third wave of Understanding Society January 2014 www.pfrc.bris.ac.uk www.ilcuk.org.uk A working

Social Security Eligibility and the Labor Supply of Elderly Immigrants George J. Borjas Harvard University and National Bureau of Economic Research Updated for the 9th Annual Joint Conference of the Retirement

Bulletin 126 NOVEMBER 2014 Healthy life expectancy in Australia: patterns and trends 1998 to 2012 Summary bulletin 126 Life expectancy measures how many years on average a person can expect to live, if

Happily Ever After? Cohabitation, Marriage, Divorce, and Happiness in Germany Anke C. Zimmermann and Richard A. Easterlin University of Southern California Published in: Population and Development Review.

Solving Polynomial Equations 3.3 Introduction Linear and quadratic equations, dealt within Sections 3.1 and 3.2, are members of a class of equations, called polynomial equations. These have the general

WORK DISABILITY AND HEALTH OVER THE LIFE COURSE Axel Börsch-Supan, Henning Roth 228-2010 19 Work Disability and Health over the Life Course Axel Börsch-Supan and Henning Roth 19.1 Work disability across

PREPARING FOR RETIREMENT: THE IMPORTANCE OF PLANNING COSTS Annamaria Lusardi, Dartmouth College* THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO a pension is increasingly left to the individual worker. For

JOB SATISFACTION AND GENDER: EVIDENCE FROM AUSTRALIA Temesgen Kifle 1, Parvinder Kler 2 1 School of Economics, University of Queensland, St. Lucia, QLD 4072, t.kifle@uq.edu.au 2 School of Economics, University

CRS02 NOVEMBER 2010 Financial capability and saving: Evidence from the British Household Panel Survey About the Consumer Financial Education Body The Consumer Financial Education Body (CFEB) is an independent

Solving Simultaneous Equations and Matrices The following represents a systematic investigation for the steps used to solve two simultaneous linear equations in two unknowns. The motivation for considering

Vern Lindberg 1 Making Graphs A picture is worth a thousand words. Graphical presentation of data is a vital tool in the sciences and engineering. Good graphs convey a great deal of information and can

Is the UK Moving Up the International Wellbeing Rankings? David G. Blanchflower Dartmouth College, USA and National Bureau of Economic Research Andrew J. Oswald University of Warwick, UK To be presented

1 Conditional guidance as a response to supply uncertainty Appendix to the speech given by Ben Broadbent, External Member of the Monetary Policy Committee, Bank of England At the London Business School,

The rise and rise of the silver separator Ben Franklin and Helen Creighton November 2014 www.ilcuk.org.uk The International Longevity Centre - UK (ILC- UK) is an independent, non-partisan think tank dedicated

Chapter 21: The Discounted Utility Model 21.1: Introduction This is an important chapter in that it introduces, and explores the implications of, an empirically relevant utility function representing intertemporal

In this issue, Research Digest summarizes recent work by Motohiro Yogo and his colleagues on helping households make better decisions about insurance and annuities Ellen McGrattan and Edward Prescott on

Geoff Bowlby This paper was originally presented to the Paris Group, a body of statisticians and economists from national statistical organizations around the world interested in improving labour statistics.

Income and Subjective Well-Being: How Important is the Methodology?* Tamás Hajdu junior research fellow Institute of Economics, Research Centre for Economic and Regional Studies of the Hungarian Academy

Determining Future Success of College Students PAUL OEHRLEIN I. Introduction The years that students spend in college are perhaps the most influential years on the rest of their lives. College students

DISCUSSION PAPER SERIES IZA DP No. 3608 A Note on the Determinants and Consequences of Outsourcing Using German Data John T. Addison Lutz Bellmann André Pahnke Paulino Teixeira July 2008 Forschungsinstitut

7.0 - Chapter Introduction In this chapter, you will learn improvement curve concepts and their application to cost and price analysis. Basic Improvement Curve Concept. You may have learned about improvement

Gius, International Journal of Applied Economics, 7(1), March 2010, 1-17 1 An Analysis of the Health Insurance Coverage of Young Adults Mark P. Gius Quinnipiac University Abstract The purpose of the present

New Deal For Young People: Evaluation Of Unemployment Flows David Wilkinson ii PSI Research Discussion Paper 15 New Deal For Young People: Evaluation Of Unemployment Flows David Wilkinson iii Policy Studies

The verbal answers to all of the following questions should be memorized before completion of algebra. Answers that are not memorized will hinder your ability to succeed in geometry and algebra. (Everything

Dr. McGahagan Graphs and microeconomics You will see a remarkable number of graphs on the blackboard and in the text in this course. You will see a fair number on examinations as well, and many exam questions,

National Qualifications 0 0 Mathematics New Higher Paper Finalised Marking Instructions Scottish Qualifications Authority 0 The information in this publication may be reproduced to support SQA qualifications